A website has been launched that enables people to swap their unwanted DVDs, CDs, books, audio books and games.

Hitflip is free to join, and users can post unwanted items they wish to swap by entering the EAN code – the barcode which is found on a product.

From this, Hitflip will upload and price the item by looking at similar ones on the market. This price is then converted into one, two or three flips – the hitflips currency.

Four flips may also be given if the item is a limited edition, is packaged or is a new bestseller.

These can then be traded for one item of the same value, or more can be added to make up the amount. For example, if a copy of the film The Terminator costs two flips, a buyer can offer two items worth one flip each for it.

One flip is also given at registration to those who do not have any items to swap.

Once a swap has been made, an email is sent to the seller with the postal details of the buyer. The buyer must then pay Hitflip a 79p transfer fee, a charge the company justifies as being “cheaper than Ebay".

“When someone buys a product from Ebay or Amazon they sometimes have to pay a big postage fee which may be more than the item itself,” Adam Finlayson, UK country manager of Hitflip, told Computeractive.

“The 79p that we charge per transaction is therefore not a lot and is also a small price to pay for getting rid of the old products that would otherwise be gathering dust on the shelf.”

Although the first 79p is given to users at registration, when this runs out they must top up their accounts by buying credit, which comes in denominations of £5, £10, £20 and £50. This can be done with a credit or debit card or Paypal account.

However, if an item is not delivered or is damaged, Hitflip will refund the user for both the transaction and item.

The site currently has 125,000 different DVDs, over 20,000 different audio books and plays, over 40,000 games, 65,000 books and 85,000 music CDs available for swapping.

If a user is looking for an item which the site does not hold, or that has been sold, clicking the request button will enable them to be alerted next time it becomes available.

Users are currently not allowed to swap DVDs or games with an 18 content rating as there is currently no way for the company to check that people are over this age.

“We would rather be completely safe,” said Finlayson.